The Mexican Peso depreciated sharply against the US Dollar on Wednesday as US Treasury bond yields underpinned the Greenback.
Mexican Peso plummets sharply, posting losses of almost 1%. Investors reduce Peso exposure ahead of June 2 general election, favoring the Greenback. Upcoming PCE data and Mexico ’s election results to dictate USD/MXN trajectory. Investors began to turn cautious as Mexico ’s general election loomed. The USD/MXN trades at 16.98 and gains more than 1%. The Mexican currency is pressured due to a risk-off environment.
90 The USD/MXN downtrend remains intact, yet buyers are gathering steam as the pair tests the 100-day Simple Moving Average at 16.76. Momentum shows that bulls are gaining traction as the Relative Strength Index is about to pierce above the 50-midline to turn bullish.I Buyers decisively surpassing the 100-day SMA at 16.70 could open the door for further gains. The next resistance would be the 50-day SMA at 16.89, the psychological figure at 17.00, and the 200-day SMA at 17.14.
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